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Valero Misses Earnings but is Optimistic About Global Demand


Valero Energy (VLO - Get Report) was not the first refiner to report this earnings season, but as the country's largest exporter of fuels, its guidance for 2016 certainly carries weight for the industry, according to analysts.

Valero Energy on Tuesday reported first-quarter adjusted earnings of $283 million, or 60 cents per share, missing analysts expectations by 6 cents per share.

On consensus, analysts predicted a profit of 66 cents per share, according to Cowen Securities' Sam Margolin.

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Margolin said Valero is the most exposed to refinery in the U.S. oil and gas industry, which has worked out as both a positive and a negative for them at times.

The oil refiner posted better-than-expected revenue of $15.71 billion for the first quarter, however. The company beat analysts predictions of $14.25 billion in revenue by 10%.

"Our team's relentless pursuit of safe, reliable, low-cost operations delivered solid...